Patriot Battery Metals (ASX:PMT, TSX:PMET) expects to release an upgraded resource for its Corvette Property in Québec, including a maiden resource for the new discovery at CV13, in the third quarter of the year.
This follows a large drilling campaign comprising 62,518m across 166 holes, which has returned intercepts of 122.5m @ 1.42% lithium, including 35.8m @ 2.15% lithium.
One intercept of 71.4m included 14.2m at a grade of 3.15% lithium.
Patriot’s shares on the ASX were buoyed by the news today (16 May), gaining over 10% to an intra-day high of $0.885. The company has a market capitalisation of $535.1 million.
The 2024 winter drilling was targeting the CV5 Spodumene Pegmatite to support an upgrade in the resource confidence. CV5 has a maiden inferred resource of 109.2 million tonnes @ 1.42% lithium.
Vice President of Exploration Darren Smith says the latest round of CV5 results from infill drilling, coupled with the new “high-grade” discovery at CV13, continue to demonstrate the quality and scale of the Corvette Property.
“It’s been a huge effort from the team to progress what was a very large-scale drill program over the last 6-8 months,” he says.
“Through their efforts, all drilling up until our recent seasonal break, including the previously highlighted CV13 high-grade discovery, will make it into the upcoming resource update.”
Drilling covered about 2.9km of the 4.6km pegmatite strike length defined so far.
The results from 111 holes are still to be released from the winter program at Corvette, which is located in the Eeyou Istchee James Bay region of Québec.
Write to Angela East at Mining.com.au
Images: Patriot Battery Metals
